The LA Dodgers probably won’t have enough cash to make payroll this month and could be totally insolvent by July, according to the Wall Street Journal.Owner Frank McCourt had to borrow $30 million last month, a situation that lead Major League Baseball to appoint former ambassador Tom Schieffer to oversee the team’s finances.
McCourt has a deal in place with FOX that would bring $3 billion in TV fees to the club — including a $285 million up-front payment — but Commissioner Bud Selig is holding up the deal until the Dodgers finances can be sorted out.
Is Selig holding up the deal to push the team toward bankruptcy and force McCourt to sell? Or will he have to approve it to save one of the sport’s iconic franchises from ruin?
McCourt thinks it’s the former and accroding to the LA Times may plan to sue Major League Baseball for hijacking his team.